!Required information[The following information applies to the questions displayed below.]Brianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of October, Brianna'sBoutique uses a periodic inventory system.DateOctober 1October 4October 10October 13October 20October 28October 30TransactionsBeginning inventorySalePurchase.SalePurchaseSalePurchaseEnding inventoryCost of goods soldUnits Unit Cost$8906453476900910920Total Cost$5,3404,5003,6405,520$19,0002. Using FIFO, calculate ending inventory and cost of goods sold at October 31.

Lets understand the basics.There are various inventory methods which are followed for calculating…

Answered: system. ansactions inventory 3 Units…

system. ansactions inventory 3 Units Unit Cost 6 $890 4 5 900 3 4 7 6 910 920 Total Cost $5,340 4,500 3,640 5,520 $19,000 ventory and cost of goods sold at October 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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4 Cheyenne Corp. uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Units Unit Cost Inventory Purchases Purchases. Inventory 130 370 200 240 $5 Weighted-average unit cost $ 6 7 Total Cost $650 2,220 1,400 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
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Required information (The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date March 1 March 5 March 9 March 18 March 25 March 25 Activities beginning inventory Purchase Sales Purchase Purchase Bales Totals Units Acquired at Cost 553.60 per unit $50.60 per unit 230 units 290 units 150 unit 200 units 350 units $63.60 per unit $45.00 per unit Perpetual FIFO Perpetual LIFO Weighted Average Specific d Compute the cost assigned to ending inventory using LIFO Complete this question by entering your answers in the tabs below. Units Bold at Retail 390 units # $88.40 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase. 110 units from the March 18…